OKLAHOMA CITY--(BUSINESS WIRE)--
Roan Resources, Inc. (ROAN) (“Roan” or the “Company”) today announced the resignation of Tony Maranto from his positions of Chairman of the Board of Directors, Chief Executive Officer and President, effective as of April 12, 2019, for personal reasons. In connection with Mr. Maranto’s resignation, Joseph A. Mills, who has served on the Company’s Board of Directors since November 2018, has been appointed to the position of Executive Chairman of the Board and will assume the duties and responsibilities of the principal executive officer of the Company. These are both effective April 15, 2019, on an interim basis until the search for a new Chief Executive Officer is complete.
All of the senior management of Roan remains in place and will report to Mr. Mills. Mr. Mills intends to devote a meaningful amount of his time to manage the day-to-day affairs of the Company. As a member of Roan’s Board of Directors, Mr. Mills is deeply familiar with all aspects of Roan’s business. Mr. Mills experience at Roan and his established relationships with Roan’s management team will ensure no disruptions in the operations of Roan’s premier assets.
Mr. Mills currently serves as the President and Chief Executive Officer of Samson Resources II, LLC, a position he has held since March 2017. Prior to joining Samson Resources, Mr. Mills served in various roles, including Chairman and Chief Executive Officer positions for several public and private oil and gas companies, including Eagle Rock Energy G&P, LLC and Montierra Management LLC. He also served in director and executive officer positions at several other industry related companies. Mr. Mills received a Bachelor of Business Administration degree in Petroleum Land Management from the University of Texas and a Master of Business Administration degree in Finance from the University of Houston. Additional information on Mr. Mills can be found in the Form 8-K filed by the Company on November 6, 2018.
“We thank Tony for his dedicated service to Roan and wish him well,” said Mr. Mills. “I know the Company well from my service on its Board and am excited to assume the role of Executive Chairman. Roan has a premier and unique asset with over 170,000 acres in the core of the Anadarko basin, offset by best in class operators such as EOG, Cimarex, Continental, Marathon and Encana. I am very excited about the strength and quality of our asset base, our very strong management team and highly technical employee base. The fourth quarter wells continue to demonstrate an attractively low decline rate under our pressure management techniques. 15 of the fourth quarter wells have achieved at least 120 days of production, with an average 120-day production rate of 1,036 Boe per day (48% oil, 22% NGLs, 30% gas), normalized to a 10,000-foot lateral. This compares favorably to the average 90-day rate of 1,089 Boe per day (49% oil, 21% NGLs, 30% gas) for the identical well set, also normalized to 10,000-feet. I look forward to working closely with all the talented employees of Roan to help capitalize on the opportunities ahead.”
The Board of Directors plans to engage an executive search firm to find a permanent replacement for the Chief Executive Officer position.
About Roan Resources
Roan is an independent oil and natural gas company headquartered in Oklahoma City, OK focused on the development, exploration and acquisition of unconventional oil and natural gas reserves in the Merge, SCOOP and STACK plays of the Anadarko Basin in Oklahoma. For more information, please visit www.RoanResources.com, where we routinely post announcements, updates, events, investor information, presentations and recent news releases.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are forward-looking statements which contain our current expectations about future results. These forward-looking statements are based on certain assumptions and expectations made by the Company, which reflect management’s experience, estimates and perception of historical trends, current conditions and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, and any subsequently filed quarterly reports on Form 10-Q or current reports on Form 8-K.
We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, or incidental to the development, production, gathering and sale of oil, natural gas and NGLs. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures and the other risks.
Should one or more of the risks or uncertainties described occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.
All forward-looking statements, expressed or implied, included in this release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.
Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this release.